Australia

Australia

Victoria pushes ahead to launch first state based market

Intent on meeting a state target of 10 % renewable energy by 2010, Victoria's government is pushing ahead in its bid to launch the first state based market akin to that created by the federal Mandatory Renewable Energy Target (MRET) legislation. "The federal government's decision not to raise the Mandatory Renewable Energy Target was a backward step for our environment. It's proposed that a state scheme be adopted that goes beyond the federal government's current MRET scheme," says Victoria's energy minister, Theo Theophanous. Achieving the state government's target of 10% renewables by 2010 could deliver up to A$2 billion in capital investment and over 3000 new jobs, says Theophanous.

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